G20 vows to add $2tr to World Economy

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G20 vows to add $2tr to World Economy

G20 vows to add $2tr to World Economy

(Sydney) – The world’s biggest economies vowed to boost global growth by more than $2 trillion over five years, shifting their focus away from austerity as a fragile recovery takes hold.
Finance ministers and central bank governors from the Group of 20, which accounts for 85 per cent of the world economy, also agreed to pursue greater transparency about monetary policy after rifts about the US taper. They expressed “deep regret” that reforms to the International Monetary Fund have stalled, because the United States Congress has yet to ratify them.
After their meeting in Sydney, the G20 ministers issued what host Australia called “an unprecedented” and unusually brief two-page statement to drive “a return to strong, sustainable and balanced growth in the global economy”.
“We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than two percent above the trajectory implied by current policies over the coming five years,” they said in reference to two percentage points.

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